Christmas: ‘POS Operators Charging Too Much’ – NLC Tells Tinubu, CBN To Fix Cash Shortage Problem

The Nigeria Labour Congress (NLC) has called on President Bola Tinubu-led government to resolve the cash shortage problems immediately, suggesting that POS operators were using the avenue to extort Nigerians.

Making this call in a statement released on Tuesday, the labour union charged the president and the Central Bank of Nigeria to fix the cash shortage problems currently bedevilling the country.

Naija News reports that the union argued that there is no discernible reason by the  CBN or the federal government regarding the recent cash shortage that hit the nation.

The statement read, “…We are creating another avenue for economic rentiers such as the POS operators and their collaborators in the Banks to fleece Nigerians. Subjecting us again to spend our meagre salaries buying our money automatically devalues our income. POS operators currently charge around N400 to access N10,000. This is about a 4% reduction in the value of the income of poor Nigerians who hardly make use of electronic platforms to perform their transactions.

“For citizens who are already impoverished by the same policies of Government, foisting this on them again, amounts to gross insensitivity and double jeopardy. We are worried that by this action and others, the Government may be inciting the people and mobilizing them to seek alternative routes for protecting themselves from these perverse policies. 

“During this Yuletide season which is traditionally a time of joy, celebration, and familial gatherings, but the current cash shortage threatens to cast a shadow over the festivities for many Nigerians. The unavailability of cash has led to increased difficulties in meeting daily needs, exacerbating the economic challenges faced by ordinary citizens.

“Government should therefore explore measures to inject liquidity into the economy, ensuring that there is sufficient cash flow to meet the demands of businesses and individuals. It is fairly tale to continue brandishing cash hoarding as an excuse. Nigerians want their money and it should be made available to them. Excuses are not what Nigerians want to hear but access to their money.

“We urge Government to collaborate with other financial institutions to improve banking services, such as ensuring the availability of cash at ATMs and bank branches to facilitate easy access for the public. We urge the CBN to Provide clear and transparent communication to the public regarding the steps being taken to address the cash crunch and reassure citizens about the stability of the financial system.”